Ugly, Tailing 5Y Auction Sees Slide In Foreign Demand As Directs Take Record High
After a disappointing, subpar, tailing 2Y auction started off the last coupon week of the year, moments ago we got the week’s second auction, a $70BN sale of 5Y paper which was also disappointing.
The auction stopped at a high yield of 3.747%, up from 3.557% in November and the highest since July. It also tailed the When Issued 3.7146 by 0.1bps. This was the 6th tail in the past 7 auctions.
The bid to cover dropped to 2.35 from 2.41 last month; thie was the lost since September and also below the recent average of 2.36.
The internals were also soft, especially at the Indirects: foreign buyers took down just 59.5%, the lowest since September and well below the recent average of 61.8%. The trend is clearly not the 5Y tenor’s friend.
But it was Directs who saved the day: awarded 31.7%, this was the highest on record.
As a result, dealers were left holding 8.8%, tied for the lowest on record.
Overall, this was an ugly, tailing 5Y auction but it could have been even worse had Directs not stepped up. Or maybe they did just because they know that in a few more months the Fed will expand its universe of QE purchases from Bill-2Y all the way to 5Y… and beyond, as Powell gradually shifts to the endgame, which as readers know well, is nothing less than Yield Curve Control.
Tyler Durden Tue, 12/23/2025 – 13:24
Source: https://freedombunker.com/2025/12/23/ugly-tailing-5y-auction-sees-slide-in-foreign-demand-as-directs-take-record-high/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,761,101,851 |
| Stories: | 8,554,109 |
Whistler Blowers, Insiders
